Moneyway Welcomes Fsa Plans For Transparency

PRLog (Press Release) - Jul 07, 2008 -
Moneyway, the bank that prides itself on being simple and transparent, has welcomed the news that the Financial Services Agency plans to ‘name and shame’ financial brands that are subject to complaints.
Gary Jennison, CEO of Moneyway, formerly known as Secure Trust Bank, said it was high time the public were enlightened about practices and complaints of financial brands.
Mr Jennison said: “According to these plans, the FSA will list the number of complaints received by each of the top 125 financial brands, and the percentage of these each company upholds.
“When that information is made public, the brands with the highest number of complaints could find themselves in the firing line. By the same token, those who perform well will have something to be proud of.
“Moneyway exercises a ‘simple and transparent’ philosophy, it is one of our brand values and one that we place enormous emphasis on upholding. As far as we’re concerned, there is nothing to hide as we are open and honest about all of our dealings and charges, so we will have nothing to fear if the FSA does go ahead with its plans,” he said.
“However, there are a number of companies who should be concerned. Our Moneyfreedom service, which offers support and solutions for those in debt, is inundated with horror stories about unscrupulous practices from some debt-advisory companies, and these stories are exactly why we are very pleased that the FSA is looking into this procedure,” said Mr Jennison.
Mr Jennison added: “The FSA is prohibited from ‘naming and shaming’ companies or from listing the brands in a league of best to worse, but the statistics will speak for themselves and consumers can draw their own educated, informed conclusions.”